In 2022, both the nations resumed negotiations for a Comprehensive Economic Partnership Agreement (CEPA). In quest for that objective, talks towards an Early Advancement Economic deal (EPTA), as a temporary step towards the CEPA, have been in progress and a few rounds of conversations have proactively occurred.

The EPTA would cover, among others, high level commitments in goods, rules of origin, services, investment, sanitary and phytosanitary measures, technical barriers to trade, and dispute settlement.

Both the ministers meet as part of the India-Canada Ministerial Dialogue on Trade and Investment. Goyal was in Canada for this meeting/gathering.

“The ministers emphasized the significant movement of professionals and skilled workers, students, and business travelers between the two nations and the significant contribution it makes to strengthening the economic partnership between the two nations. And in this context, “they noted the desire for enhanced migration and mobility discussions,” according to the statement.

Through a yet-to-be-determined mechanism, both sides agreed to continue discussing ways to expand and strengthen the bilateral innovation ecosystem.

The ministers agreed on the significance of government-to-government coordination to promote the resilience of critical mineral supply chains in order to strengthen cooperation in this area.

It also stated that they had agreed to look into possibilities for business-to-business collaboration between the two nations on critical minerals and had committed to holding an annual meeting of officials on the sidelines of the Prospectors and Developers Association Conference in Toronto.

As India strives to increase its production of renewable energy by 2030, there is a significant demand for vital minerals like lithium, titanium, vanadium, cobalt, nickel, and graphite.

The two nations also talked about ways to work together more in areas like agriculture, chemicals, green technologies, infrastructure, clean energy, electronics, minerals and metals, and automobiles.

According to the statement, “The ministers further asked their officials to regularly discuss trade remedy issues of bilateral importance.”

The different sides likewise consented to investigate improved participation through measures, for example, facilitated speculation advancement, data trade and shared help between the two gatherings in not so distant future.

It also stated that a Memorandum of Understanding (MoU) between India and Canada will be used to conclude this cooperation, most likely this year.

“They accentuated improving collaboration in areas like clean advancements for framework improvement, basic minerals, electric vehicles and batteries, environmentally friendly power/hydrogen, and computer based intelligence (man-made brainpower),” it said.

India also invited top Canadian universities to establish campuses here, and the ministers discussed reviving the Canada-India CEO Forum.

Between April 2000 and December 2022, USD 3.2 billion in direct foreign investment was attracted to India.

Compared to USD 3.76 billion in 2021-22, India’s exports to Canada totaled USD 3.8 billion between April and February of 2022 and 2023. In the 11 months of the previous year, Canadian imports totaled USD 3.77 billion, compared to USD 3.2 billion in 2021-2022.

Medicines, clothing, diamonds, chemicals, gems and jewelry, petroleum oils, made-up, sea food, engineering goods, marble and granite, rice, electric equipment, and plastic products are among the most popular items that India exports.

Pulses, fertilizers, newsprint, diamonds, copper ores and concentrates, bituminous coal, wood pulp, nickel, unwrought aluminum, asbestos, and cameras were among the imports.